From: "Jeffrey E." <[email protected]>

From: "Jeffrey E." <[email protected]> To: Richard Kahn Subject: Re: New Issue $25 Par: NGL Energy Partners LP (NGL) Fixed-to-Float Perpetual Preferred Units; 9.00% area Date: Tue, 06 Jun 2017 16:50:36 +0000 2 ok On Tue, Jun 6, 2017 at 12:49 PM, Richard Kahn i am told MS has at least 1mm if we want and may be able to get to 2mm please advise thank you Begin forwarded message: > wrote: From: Paul Barrett < Subject: Re: New Issue $25 Par: NGL Energy Partners LP (NGL) Fixed-to-Float Perpetual Preferred Units; 9.00% area Date: June 6, 2017 at 11:56:32 AM EDT To: Richard Kahn Like it. Go in for 2 mm. Sent from my iPhone On Jun 6, 2017, at 11:16 AM, Richard Kahn < > wrote: Thoughts? Richard Kahn HBRK Associates Inc. 575 Lexington Avenue, 4th Floor New York, NY 10022 Phone Fax Cell Begin forwarded message: From: "Atlas, Andrew S" Date: June 6, 2017 at 10:23:04 AM EDT To: "Richard Kahn ( Subject: New Issue $25 Par: NGL Energy Partners LP (NGL) Fixed-to-Float Perpetual Preferred Units; 9.00% area EFTA01043882 Good morning Rich. Morgan Stanley is pricing a NGL Energy new issue $25 par preferred in the 9% area. Details $25 Par New Issue Syndicate Offering: NGL Energy Partners LP (NGL) Issuer: NGL Energy Partners LP (NGL) Securities Offered: Class B Fixed-to-Floating Rate Cumulative Redeemable Preferred Units Size: $50mm (2mm $25-par units) Expected Ratings: Non-rated Format: SEC Registered Maturity: Perpetual Price Guidance: 9.00% area — Fixed-to-Float Offer Price: $25.00 per unit Distributions: When, as and if declared: (i) from and Including the original issue date to, but excluding, 07/01/2022 at a fixed rate equal to % per annum (ii) from and including 07/01/22, at a floating rate equal to three-month LIBOR plus a spread of _% per annum. EFTA01043883 Payment Dates: 10/15/2017. Quarterly on 15th of January, April, July and October beginning Optional Redemption: Callable at the issuer's option at Par on or after 07/01/2022. Use of Proceeds: To repay indebtedness under the Credit Agreement (see Red) DRD / QDI: No Subject to US Tax Withholding for NRA Clients: See Red for Tax and Withholding Details* K-1 and UBTI: K-1 will be issued. See Red for K-1 and UBTI information. Expected Listing: Timing: NYSE Today's Business Let me know if you have any questions. Best, Andrew Andrew S. Atlas First Vice President Equity Sales/Middle Markets Group Financial Advisor Morgan Stanley Wealth Management 1290 Avenue of the Americas, 12th Floor I New York, NY 10104 Tel/Direct: I Fax: EFTA01043884 NMLS ID # 1326736 NOTICE: Morgan Stanley is not acting as a municipal advisor and the opinions or views contained herein are not intended to be. and do not constitute. advice within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. If you have received this communication in error. please destroy all electronic and paper copies and notify the sender immediately. Mistransmission is not intended to waive confidentiality or privilege. Morgan Stanley reserves the right, to the extent permitted under applicable law, to monitor electronic communications. This message is subject to terms available at the following link: httplivanv.morganstanley.comidisdaimers If you cannot access these links, please notify us by reply message and we will send the contents to you. By communicating with Morgan Stanley you consent to the foregoing and to the voice recording of conversations with personnel of Morgan Stanley. <NGL Energy Pamiers_Preliminary-Prosup.pdf> please note The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of JEE Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01043885